Pier 1 to close up to 450 stores

Pier 1 Imports announced on Monday that it plans to shutter up to 450 of its stores in the United States and Canada.

The company, based in Fort Worth, Texas, sells home furnishings and decor, and has 973 locations. "Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision," CEO Robert Riesbeck said.

Pier 1 will also close some distribution centers, and while layoffs will take place, the company did not say how many jobs will be cut. A person with knowledge of the matter told Reuters Pier 1 has drafted a bankruptcy plan that it presented to creditors last month. The goal is for the company to re-launch with roughly $900 million in yearly sales. In 2013, the company's shares were trading at close to $500, and in late 2019, they plummeted to $5, Reuters reports.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up